Wells Fargo & Co. Chief Executive Officer Charlie Scharf said US banks such as his shouldn’t be required to “unconditionally” cover the failures of other financial institutions.

Regulators functioned as they were supposed to as three banks — Silicon Valley Bank, Signature Bank and, most recently, First Republic Bank — failed over the past two months, Scharf said Tuesday during a panel discussion at the Milken Institute Global Conference in Beverly Hills. The Federal Deposit Insurance Corp. stepped in when required, he said.